The US Supreme Court has sided with a former UBS Group bond strategist in a landmark case involving corporate whistleblowers, according to AdvisorHub. In a unanimous ruling against UBS, the high court reinstated a jury's verdict in favor of Trevor Murray. Murray, who...
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Regulatory Investigations
SEC finalizing settlements with firms over record-keeping failures
More firms are expected to face penalties in the Securities and Exchange Commission's ongoing probe into the use of unapproved outside messaging apps such as WhatsApp in the financial industry. According to an exclusive report by Reuters, the SEC is negotiating...
SEC updates list of firms using misleading information to solicit investors
The Securities and Exchange Commission announced last week that it has updated its list of firms that are using misleading or inaccurate information to solicit primarily non-US investors. The SEC said it is adding 29 soliciting entities, three impersonators of genuine...
Wells Fargo pays $35 million penalty over excessive advisory fees
The Securities and Exchange Commission has charged Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC over excessive advisory fees, CNBC reports. Wells Fargo agreed to pay a $35 million civil penalty to settle the SEC’s charges. The case...
SEC issues risk alert on brokers’ compliance with anti-money laundering
The Securities and Exchange has issued a risk alert regarding the compliance of broker-dealers with anti-money laundering (AML) programs, Wealth Management reports. The SEC’s Division of Examinations conducts examinations of firms over their AML and countering the...